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Fixed Deposit Interest Rates Offered By Small Finance Banks

Janaki Jambunathan

Well-known member
I think Sr.citizen have a better option. The SCSS(Sr Citizen Saving Scheme) available with SBI and Post Office This has Tax benefit Investment Up to 1.5 Lakhs is eligible for 80C Interest received is Tax free up to 50000 The current rate is 8.7% The term is for 5 years. Individual investment is limited to 15 lakhs Interest payable quarterly The Capitol is safe it is Central Goverment Scheme. Absolute risk free investment. NRI are not eligible.

 
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Janaki Jambunathan

Well-known member
Can you really bank on reliability of all these banks? Have to be cautious! Their profitability and share prices are manipulated camouflaged and dressed up Remember the eventful nonevent of yesterday year - Global Trust - Axis Bank Merger? Indian bank Chairman (Gopalakrishnan) was sentenced PNB is in Scam Latest under radar Rana Kapoor ( YES BANK) Ms Kochar of ICICI . Small Share holders and depositors should be watchful! FD up to 1Lakh only has protection by insurance Hence Peace of Mind deposit is SCSS which are Government schemes.
 

S.RAMAMURTHY

New member
In the SCSS, only the names of husband & wife can be only participants and others viz. Son, daughter or mother's name cannot be included. You cannot expect aged investors to be in sound health till the completion of 5 years.
 

Jaykay767

Well-known member
FYI - I have moved my money post demo to foreign banks in india. Given the debt contagion and with the ouster of RBI governor, any of the public sector and Indian private sector banks can collapse.

Foreign banks in india will manage the NPAs well as the foreign promoter will pump in global funds as required. They will not let one of their subsidiary collapse as it will have international tremors !!

Nothing is safe with the train wreck govt !!
 

Janaki Jambunathan

Well-known member
There is one more option for sr.citizens 8% payable monthly for 10.years - a govt. of India scheme

There is no tax relief under 80C The monthly pension is taxable since it is not bank deposit which is tax exempt up to 50000- But there is no GST on purchase of this pension scheme 15 L is ceiling per individual

 

mkrishna100

Well-known member
I think Postal Deposits through Indian Postal Bank https://www.ippbonline.com/ can also be considered which offer fairly decent interests on Deposits and do not have any Hidden charges like Banks .I have not yet availed the services as I have shifted my residence but I will start considering in keeping some deposits in Indian Postal Bank
 

Janaki Jambunathan

Well-known member
The problem with India Post - They are not upgraded They don't have IFSE code as on date Their mobile app doesn't work Though recently I have e-banking activated I can't transfer money to other bank a/c because of this IFSE hitch! only PO to PO is possible I can draw Cash with PO debit Cards but it won't work in Purchase point or for online payment! I will get out as my investments are to mature for withdrawal soon.
 

mkrishna100

Well-known member
True I agree Postal Banking has lot of irritants and it will take some time for the Entire Postal Banking System to come to Par with Other Banks . Unless and until you are close to a main PO it is quite challenging to operate postal accounts but you can consider making Postal Investments like NSC ,KVP etc which are more secure
 

kgopalan

Well-known member
In senior citizen savings scheme :- As i have completed 82 years I have nominated my daughter and as witness my son.-in-law . After 5 years they can receive money with interest. I have opened one recurring deposit account and the quarterly interest will go to my s.b. account and from s.b. account they are transfering to r. d. account every month. I am doing this for the past 20 years without any problem.
 

choodams

Member
In the SCSS, only the names of husband & wife can be only participants and others viz. Son, daughter or mother's name cannot be included. You cannot expect aged investors to be in sound health till the completion of 5 years.
you can nominatate them with the percentage to each one.
 
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